I have a car loan that I can no longer pay for—my income has taken a big hit in the past year—and I'm feeling really stuck. How do I get out of a car loan?
. Fortunately, you have a few options to rectify the situation:
Sell the car and use the proceeds to pay off the loan
Refinance your auto loan to lower your monthly payments
Voluntarily surrender the vehicle
Call your lender and negotiate
Refinancing and negotiating are the two best ways to resolve the situation, as neither will affect your credit score and you’ll be able to keep your car. You may also be surprised how willing lenders are to work with someone in your situation!
If you’re looking to get the best deal on refinancing your car, check out the
app! If you qualify, we’ll get you several refinance options so that you can pick the best possible deal for you. And our friendly agents are here to help every step of the way!
Best of luck with your finances, and hope that things get easier!
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.